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Trustar: update for Lloyd’s trading partners in Canada

On December 24 2024, by order of the Ontario Court, TruStar Underwriting Inc was placed in receivership, following an investigation over allegations of misappropriation of funds. Accounting firm Grant Thornton Limited was appointed as formal receiver to exercise oversight of TruStar. We have been able to confirm that up until December 18, 2024, TruStar wrote insurance risks on behalf underwriters at Lloyd’s, among other insurers.

Following receivership, Lloyd’s is working to ascertain the validity of insurance policies written by TruStar. We are reviewing our records and information provided by brokers to verify what coverage is effectively in place. We are working with impacted syndicates to process and respond to queries from brokers as quickly as possible.

We have liaised with relevant syndicates and Lloyd’s brokers to facilitate additional engagement with our trading partners and to provide information or assistance. 

We understand the need for brokers and their clients to determine the validity of their covers, and have a dedicated team to respond to requests as quickly and accurately as possible. However, given the unique complexities and large scale of the issue, it will take time to fully verify some of the impacted policies.

Crawford Canada are appointed by relevant Lloyd’s Underwriters to assist with verification queries. Please contact:

For any other queries relating to this matter, please contact Lloyd’s at TSCanadaReview@lloyds.com.

We will continue to provide relevant updates on this page.

Our story

Supporting Canadian industry for nearly 200 years

With a nationwide coverholder model and strong support from our broker distribution network, Lloyd’s underwriters are amongst the largest commercial insurers and reinsurers in the country. Our customers are the businesses and entrepreneurs who drive and serve the Canadian economy and they come to Lloyd’s to access the scale, diversity and financial strength of our specialist insurance and reinsurance market.

Lloyd’s provides tailored insurance and reinsurance solutions for a variety of Canadian risks including property catastrophe, professional liability, accident and health, construction, real estate, transport, renewable energy, cyber threats and political risks.

The depth of expertise and breadth of products sets the Lloyd’s market apart. Customers have access to the combined scale, expertise and capacity of an entire market, not just a single insurance company.

As our world is reshaped by economic, environmental, geopolitical and technological shifts, the breadth, depth and responsiveness of the Lloyd’s market gives Canadian businesses the confidence to move forward in the face of uncertainty. 

Our work in the community

Lloyd’s is committed to improving lives and building resilience in the local community. Through the Lloyd’s of London Foundation we support local communities with projects that focus on education and employability, environment and sustainability, social welfare and health and disaster preparedness and relief.

In Canada, Lloyd’s hosts an annual community event where insurance professionals come together to help build a home for a family in need.

Diversity & Inclusion

The Lloyd’s market champions diversity and is leading the field in encouraging open, inclusive cultures across our industry.


Our Solutions

Lloyd’s underwriters are licensed to write non-life insurance and reinsurance throughout Canada and offer tailored solutions in over 60 lines of insurance and reinsurance.Lloyd's covers more than 60 lines of insurance and reinsurance:

Accident & Health
Agriculture & Hail
Aviation
BBB/Crime
Casuality
Contingency
Cyber
Difference in Conditions
Directors & Officers
Employers
Liability
Energy
Engineering
Extended Warranty
Financial Institutions
Fine Art
Legal Expenses
Livestock & Bloodstock
Marine
Medical Expenses
Medical Malpractice
Motor
General Liability
Nuclear
Pecuniary
Personal Accident XL
Political Risks, Credit & Financial Guarantee
Power Generation
Professional Indemnity
Property
Space
Specie
Term Life
Terrorism
Yacht

* Lloyd's Underwriters in Canada are not licensed for; life, title, mortgage, credit protection, home warranty (in the province of British Columbia only) and hail in respect of crop (in the province of Quebec only).

Lineage

Lineage is a cost effective online tool used for the reporting and settlement of Canadian binding authority business. It also generates reports for regulatory reporting.

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Analysis of the Canadian insurance industry, for the benefit of Lloyd's managing agents, brokers and coverholders to help develop business internationally.

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Crystal

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Policies and processes used by the Lloyd’s Corporation and Lloyd’s Canada, acting on behalf of Lloyd’s Underwriters in Canada, for the protection and management of the data related to the Lloyd’s business, policyholders, and claimants in Canada.

Contact

Contact the Lloyd’s Canada office.